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The Indian market has digested many events around the US Federal Reserve rate hike and OPEC action rather well and for now, there could be a seasonal relief that markets could get around December, said Vikash Jain, India Strategist, CLSA.
Capital markets and investment group CLSA turned cautious around the middle of August, roughly around the time when the Nifty had hit 18,000 because of the extended valuations. ”Going into the next year, one needs to be cautious about the macro setup,” Jain told CNBC-TV18.
Follow Moneycontrol’s live stock market coverage here
On the sector-specific outlook, Jain said October on, the information technology sector had “not done badly”. ”The rally in the last one month or so has been largely led by the US. The US was correcting well from the start of the year, so all those sectors which broadly under-performed, particularly IT, should be the ones doing well in the US-led rally that the market has seen,” said Jain.
Tech stocks have come under pressure with concerns mounting over the health of the global economy with countries like the US and UK staring at a recession.
Indian IT companies, which count the US and Europe as their biggest markets, are grappling with demand worries which hammered the stocks.
On November 15, the equity benchmarks gave up their initial gains to trade flat. At 1.55 pm, the 30-share BSE Sensex was down 14.36 points at 61,609.79. The broader Nifty slipped 2.30 points to 18,326.85.
The Reserve Bank of India has been aggressively hiking interest rates to tame stubbornly high inflation.
In October, India’s headline retail inflation rate fell to a three-month low of 6.77 per cent from 7.41 percent in the previous months on a favourable base effect, government data released on November 14 showed.
“India’s inflation has largely been driven by imported inflation from abroad basically in terms of commodity prices and range shocks. So, the money supply has been fairly tight. We do think inflation will peak off to about 6.3 percent by March and 5.5 percent next year,” Indranil Sen Gupta, Head of Research & Economist at CLSA India told CNBC-TV18.
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